I've got an undergraduate degree from Northeastern University in "Information Technology" and an associate's degree from the Community College of Rhode Island in "Computer Programming." I did both of these degrees almost completely online, part-time, working a full-time job to pay my tuition. Getting enrolled into a master's program for me has been a huge challenge. Many universities do not want to talk to you unless: a.) you've demonstrated independent research, and, b.) you have an undergraduate degree in computer science.
I'm currently a non-degree seeking student at Brown University. This has only been possible because I work a job where I can shift my hours around to attend courses during the day. When initially trying to obtain "non-degree" status, my previous education wasn't even part of the discussion, my experience as an Erlang engineer working in the distributed systems field was.
I find the online master's degree idea extremely compelling. I want to keep learning, but I don't want to drop everything to go back and do a master's degree. I imagine this is the case for many people who simply can't quit their job because they have other financial obligations, or a more restrictive work schedule.